Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a free writing prospectus on November 4, 2026, disclosing preliminary terms for 2-Year Autocallable Contingent Coupon Securities linked to the worst of three major equity indexes.

Key Highlights

  • Three underlyings: The securities are linked to the Dow Jones Industrial Average (INDU), the Russell 2000 Index (RTY), and the S&P 500 Index (SPX), with performance determined by the worst performer on each valuation date.
  • Contingent coupon rate: The filing discloses a contingent coupon of 8.70% per annum, paid monthly, but only if the worst performer closes at or above 70.00% of its initial underlying value on the related valuation date.
  • Barrier level: Both the coupon barrier value and the final barrier value are set at 70.00% of each underlying's initial value.
  • Automatic early redemption: Beginning after one year, securities are automatically called monthly if the worst performer closes at or above its initial underlying value, returning principal plus the related contingent coupon.
  • Maturity and pricing dates: The pricing date is November 24, 2026, and the maturity date is November 29, 2028, with monthly valuation dates.
  • Principal at risk: According to the filing, if the final underlying value of the worst performer is below its final barrier value at maturity, investors lose 1% of the $1,000 stated principal for every 1% decline, with no minimum payment and a potential total loss.
  • CUSIP / ISIN: 17334D6A5 / US17334D6A50.

Preliminary Terms of the Citigroup Autocallable Securities Linked to Worst-of INDU, RTY, and SPX

Citigroup Global Markets Holdings Inc. filed a free writing prospectus (FWP) pursuant to Rule 433, setting out preliminary terms for structured securities with a stated principal amount of $1,000 per security. The issuer is Citigroup Global Markets Holdings Inc., with Citigroup Inc. serving as guarantor. The filing states that all payments on the securities are subject to the credit risk of both entities, and that if either defaults, investors may not receive amounts owed.

The contingent coupon of 8.70% per annum is paid monthly only on valuation dates where the closing value of the worst-performing underlying is at or above its coupon barrier value of 70.00% of its initial underlying value. The filing explicitly states: "You are not assured of receiving any contingent coupon." Automatic early redemption can occur monthly beginning after one year if the worst performer closes at or above its initial underlying value, which the filing notes limits the opportunity to receive future contingent coupons.

At maturity, if the securities have not been automatically redeemed and the worst performer's final value is at or above its final barrier value of 70.00%, investors receive $1,000. If below that barrier, the payment equals $1,000 plus $1,000 multiplied by the worst performer's underlying return, which the filing notes could result in receiving "significantly less than the stated principal amount" or "possibly nothing." The filing also discloses that the securities will not be listed on any securities exchange, the estimated value on the pricing date will be less than the issue price, and U.S. federal tax consequences are described as unclear. Registration statement file numbers cited are 333-293732 and 333-293732-02.

What Was Disclosed

Citigroup Global Markets Holdings Inc. filed preliminary terms for 2-year autocallable structured notes tied to INDU, RTY, and SPX, with an 8.70% per annum contingent coupon, a 70% barrier, monthly autocall eligibility after one year, and full principal at risk below the barrier at maturity.